Latvia: Special Vehicle Body Market 2025

Special Vehicle Body Market Size in Latvia

After two years of decline, the Latvian special vehicle body market increased by X% to $X in 2022. Over the period under review, consumption continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Special Vehicle Body Production in Latvia

In value terms, special vehicle body production soared to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a slight reduction. The growth pace was the most rapid in 2018 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Special Vehicle Body Exports

Exports from Latvia

In 2022, shipments abroad of bodies for special purpose motor vehicles was finally on the rise to reach X units after nine years of decline. Over the period under review, exports, however, continue to indicate a significant contraction. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, special vehicle body exports soared to $X in 2022. Overall, exports, however, continue to indicate a dramatic descent. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Belarus (X units), Russia (X units) and Lithuania (X units) were the main destinations of special vehicle body exports from Latvia, together comprising X% of total exports. The UK, Armenia, Kazakhstan and Ireland lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Russia ($X) and the UK ($X) appeared to be the largest markets for special vehicle body exported from Latvia worldwide, together accounting for X% of total exports.

Among the main countries of destination, Lithuania, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average special vehicle body export price amounted to $X per unit, surging by X% against the previous year. Overall, the export price, however, recorded a perceptible descent. The pace of growth was the most pronounced in 2016 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($X per unit), while the average price for exports to Armenia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kazakhstan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Special Vehicle Body Imports

Imports into Latvia

Special vehicle body imports into Latvia declined sharply to X units in 2022, dropping by X% on the previous year's figure. Overall, imports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, special vehicle body imports dropped markedly to $X in 2022. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Lithuania (X units) constituted the largest supplier of special vehicle body to Latvia, with a X% share of total imports. Moreover, special vehicle body imports from Lithuania exceeded the figures recorded by the second-largest supplier, Finland (X units), threefold. The third position in this ranking was taken by Italy (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Lithuania stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (X% per year) and Italy (X% per year).

In value terms, the largest special vehicle body suppliers to Latvia were Lithuania ($X), Italy ($X) and Finland ($X), together accounting for X% of total imports.

Lithuania, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average special vehicle body import price stood at $X per unit in 2022, shrinking by X% against the previous year. Overall, the import price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Finland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform